It is $42,000,000,000 distributed among 21,580, 428 people or around $1,900 per capita. It will not create but it will 'save' 90,000 jobs which is something short of $500,000 per job. Can we celebrate?
Well the budget will be $22 billion in deficit this year and $35 billion next year. That's $55 billion of extra debt. Australia will soon have the debt that Labor left after the Keating years and Labor will have an excuse for having created it. On the other hand John Howard's Government - which eliminated the previous debt and drove unemployment and inflation to record lows - will be portrayed as neoliberal destroyers who forced Labor to borrow.
Update: George Megalogenis has sensible remarks about the packing. Modest employment outcomes expected - it also assumes that the international economy is on the mend. Peter Costello describes Kevin Rudd as a closet Whitlamite.